Table 2 Definition of city-level variables.
Variable definition | |
|---|---|
\({\text{FPR}}_{{{\text{jt}}}}\) | Household financial market participation rates, excluding individual differences at the city level |
\({\text{Policy}}_{{{\text{jt}}}}\) | Pilot policy interaction term, cross product of group dummy variable and time dummy variable |
\({\text{FD}}_{{{\text{jt}}}}\) | Financial development, Commercial bank loan-to-deposit ratio = financial loan balance/financial deposit balance |
\({\text{GDP}}_{{{\text{jt}}}}\) | Total output—intermediate inputs |
\({\text{Salary}}_{{{\text{jt}}}}\) | Income per unit, total employee wages/average number of employees |
\({\text{CONSP}}_{{{\text{jt}}}}\) | Consumption level, total social retail consumption/GDP |
\({\text{UR}}_{{{\text{jt}}}}\) | Urbanization rate, urban population/total population |
\({\text{FI}}_{{{\text{jt}}}}\) | Scale of investment, fixed asset investment/GDP |
\({\text{TIE}}_{{{\text{jt}}}}\) | Foreign trade dependence, total exports and imports/GDP |
\({\text{FE}}_{{{\text{jt}}}}\) | Fiscal concentration, fiscal expenditure/GDP |
\({\text{SEC}}_{{{\text{jt}}}}\) | Percentage of secondary industry, value added of secondary industry/GDP |
\({\text{TER}}_{{{\text{jt}}}}\) | Percentage of tertiary sector, value added of tertiary industry/GDP |
